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FDIC must make receivership ‘as short as possible,’ since there are ‘thousands of U.S. startups that banked at SVB,’ Tan says
Silicon Valley Bank was shut down on Friday by California regulators and placed in FDIC control.
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That’s Garry Tan on Twitter following the Friday failure of Silicon Valley Bank, the largest bank failure since the collapse of Washington Mutual in 2008, calling it an extinction-level event for startup businesses with the potential set innovation back by a decade.
The president and CEO of startup accelerator Y Combinator fired off that tweet after the Federal Deposit Insurance Corp. was placed in receivership of Silicon Valley Bank, a unit of holding company SVB Financial Group SIVB, after its closure by California regulators….
